WEST LINN, Ore. -- There is talk the housing market may be on the way back up.
Construction, homes sales and prices are all up. It's giving Wall Street and the economy an early Christmas present.
This time of year, the real estate market is in limbo. But, this November and December in West Linn, several home builders are busy again with new construction. Some are building on spec. That hasn't happened in years.
"They are buyers out there and everybody wants new construction," said Shawn Gentemann, owner of Park Place Homes.
In the Portland metro area, construction is up for apartment buildings as well as single homes. Across the country, new construction was up 9.3 percent in November, bringing the rate of new-housing construction to its highest level in 19 months.
"I'm seeing activity pick up on a daily, weekly, and monthly basis," said Andy Green, a broker with Craig Reger Group.
Green expects to sell 200 homes next year, beating initial projections. Other realtors across the area are busy as well.
Stacy Owens, principal broker with Keller-Williams has never been busier this time of year. Her expertise is short-sale and foreclosures. Owens said banks are now open to negotiating with buyers.
"I notice that the banks are making pretty broad adjustments, they're coming down pretty substantially anywhere from five to ten percent," said Owens.
Not every area is seeing growth in sales, but prices have stabilized in West Linn and Beaverton.
"Those would be two markets that we're having a lot of success in," said Green.
There is still some question as to when the market will hit bottom, but most in the industry, believe it's getting close.
